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Search Results 0 to 35 of about 36 (some duplicates have been removed)
-leveraged banks stuffed with bad loans began to fail. >> the federal reserve is bailing out bear stearns. >> that business is gone. >> smith: what did you think when bear stearns went down? >> i couldn't believe it. like, i thought the whole banking system was about to go down. >> narrator: it almost did. billions drained from the economy overnight. the party was over. >> ...in july and said everything was great, and off that a lot of people bought stock... >> bill o'reilly was having a temper tantrum on his show where he was going off about, you know, "why didn't i hear about this? why didn't somebody tell me about all this that was going on?" >> this industry... 90%... millions of dollars. >> and i almost threw my shoe through the television set. >> we just heard the words, look, stop the bs here. >> and i was screaming and yelling, "i did try to let you know!" 'cause he had been one of the ones that i had sent e-mails and never receed a response. >> millions of american taxpayers are still wondering, how did we get ourselves into this economic mess, and is there someone truly to blame
and is now accusing jpmorgan and the companies it acquired, bear stearns and washington mutual of egregious fraud, say thanksgiving created and sold mortgage bonds backed by loans that they knew to be exceptionally bad. and there is proof. >> internal e-mails uncovered in a lawsuit against jpmorgan chase now show employees may have known about serious flaws with thousands of home loans leading up to the financial crisis. >> hundreds of e-mails as well as employee interviews all part of dexia's lawsuit offer a new look into wall street's mortgage machine. according to "the new york times," the documents filed in federal court reveal that jpmorgan ignored quality controls, sometimes ignoring them entirely in a quest for profit. and the e-mails show there was a lot of internal pressure to unload the securities. >> a 2006 bear stearns e-mail reads like something out of "glengarry glen ross." everybody start to unload. use the sales force. use the dealer desk. get on your game. >> jpmorgan deny nice wrongdoing and is contesting the allegations in court. joining me tonight, former new york govern
of the treatment of bear stearns and the member others which through the market for loop water the rules and the part you omitted that on top of the trillion mortgages was built by wall street of cdo's of make believe this and that that hardly anybody including wall street banks understood and it was predicated on the music continuing to play. if house prices keep going up 10% per year through today amended rene b. but the collapse would not have been but it was the inverted pyramid of securities and derivatives that took $500 billion of mortgage losses turned into trillions and that was crucial. that is why in the early days smart people like hank paulson and then bernanke said this is not that big and will be contained. it was only this of prime mortgages they would be right but it was a lot. >> i am at page 18 in your book. [laughter] i figure i will get the answer eventually but it is the troubled assets with bear stearns 30 billion had to be extracted to make the deal worked within the bad assets were absorbed by the government but i don't hear any more discussion. where are they? a
brothers and bear stearns failed. housing prices went off a cliff. the unemployment rate went from 4.7% to 10% before falling back to 7.9% today. in portland, oregon this week, more than 900 people applied for 160 new jobs at two new hardware stores. >> 80% of the people we saw were -- had been out of work for three months to up to two years. >> reporter: julie ober has been out of work for 16 months. >> my last job was front desk at a pain management company. and just -- i actually got sick. and couldn't be there any longer. >> reporter: nationwide, some 12 million americans are still out of work. >> 7.9% unemployment simply not good enough. with that, wages don't rise. older folks don't see enough stock market gains to retire. and there's not enough new jobs for young people leaving school. >> reporter: while the jobs picture has been slowly improving, it's been a different story on wall street. after bottoming out four years ago, the dow has since climbed 111%. cnbc's bob pisani has seen a mood shift on wall street. >> the economy is slowly improving. it's not fast enough for a lo
of transparency, who can you trust to deal with? the inconsistency of the treatment of bear stearns amendment others, which really threw the market for the loop. and the important part you admit it, but i don't think i disagree with is that on top of the trillion or so of dubious mortgages, probably even less than a trillion was built by wall street, pdas and make believe that complicated stuff that hardly anybody, including wall street banks understood and all of it, however, was predicated and this is where my title comes from, the music continuing to play. the music being house prices keep going up. that house prices had kept going up 10% a year from 2006 to this very day, imagine where they would be, but none of this collapse would have been. it was this inverted. men have securities and derivatives batch of $500 billion of mortgage law says and turned it into trillions and trillions of dollars of financial losses and that was crucial to making the crisis is biggest device. that was why in the early days of the crisis, smart people linking policy to ben bernanke who was then handed the fe
low level bear stearns to trial. they lost, so losing really scares these guys. but the real question is, they have been afraid to indict companies because they believe it will put them out of business and cause systemic problems. or these things are complex, they don't necessarily understand them and worry the juries wouldn't understand them. and they think well, it is hard to prove that there were any crimes here. >> so i have heard that, too, and particularly a few years ago, they didn't want to do what they like to call old testament justice, they worried about the markets, getting the credit back up. that was the main priority. the financial sector is stronger now, the profits look better, they're in significantly better shape. so is this just over, like maybe not the statute of limitations but a political limitation has run out? or is there still a possibility that there is new leadership at the sec, is there still a possibility that we'll see some of the trials going back wards? >> i am deeply skeptical about it. i think the ship has sailed. and i think the reason is one statut
the five-year anniversary of the failure of bear stearns we must not lose sight of why we pass wall street reform. congress enacted the law into the wake of the more severe financial crisis in the lifetime of most americans. i asked the gao to study the question of how costly it was to better understand the impact the crisis had on the nation. in a roort releaeport released which i enter in the record the gao concluded while the precise cost of the crisis is difficult to calculate the total damage to the economy may be as high as $13 trillion. i say again $13 trillion. with a "t" dollars. as they urge you to consider the benefits of continuing to implement wall street reform. i would like to make one final comme comment. since he was appointed as head of the cfpb last year director cadre and the cfpb have worked tirelessly to finalize many rules and policies to protect consumers in areas such as mortgages, student lending, service member rights, and credit cards. he has done good work and i urge my colleagues to confirm him to a full term without delay and allow the cfpb to continue its im
with? the inconsistency of the treatment of bear stearns and then lehman brothers which threw the market for a loop, what are the rules? the important part you omitted but i don't think you'll disagree -- on top of the trim -- trillion or so of dubious mortgages -- probably less than a trillion -- was built by wall street an inverted pyramid of cdos and cdfs and synthetic this and make believe that and complicated stuff that hardly anybody, including the wall street banks, understood. and all of it, however, was predicated on -- this where is my title comes from -- the music continuing to play. the music being house prices keep going up. if house prices had kept going up, 10 parse -- 10% a year from 2006 to this very day, imagine how high that would be. but if that happened, none of this collapse would have happened. it would be waiting for news a bigger way. but it was this inverted pyramid of securities and derivatives that lent -- that took, say, $500 billion of mortgage losses and turned it into trillions and trillions of dollars of financial losses. and that was crucial,
of money. this is the example of lehman brothers and bear stearns and merrill lynch, where no one knew how much risk they had on their books. it turns out they had all sorts of risk and nobody in the market knew or understood them. this is the big danger of business being done in an opaque fashion, in the dark, in a very complex nature. i would argue that ultimately you need to bring began pulling out of the dark room and bring it back into the light. in exchange, where everyone can see what is going on. to continue a little with the analogy. this is what i think is the most dangerous part of the way business is done on wall street today. the dealer. when you are playing blackjack, i think everyone knows the rules. if you get more than 21 you are bust. there are certain statistical probabilities you should and should not bet on. when you go to a casino, does anyone in the audience expect the dealer to give them bad information? for example, where the dealer is actually telling you when you are on 19 that you should take another card? no one would expect, at least when i have been to casino
remarks, a failure of bear stearns, a broker dealer, not a bunch of relationships with i b is that precipitated the crisis and the second issue is what would be lost. are there valuable roles to play when for example and underwriter also makes market and securities which it underwrites and most people would conclude that there are. the third example is embodied in your legislation and other proposals which focuses on the point i tried to make at the close of my introductory remarks, what i think of as another set of issues of large amounts of short-term, non deposit, runable funding and i think here and speaking personally now my view is that is the problem we need to address. your legislation takes one approach to addressing it which is to try to cap the amount that any individual firm can have and thereby try to contain the risk of the amplification -- there are -- restricting the amounts based on different kinds of duration risk and more than a certain amount, of there are even broader ideas, such as placing uniform margins on any kind of security lending no matter who p
's largest financial institutions had made more bad bets than they could afford to pay off. bear stearns was sold to j.p. morgan for pennies on the dollar. lehman brothers was allowed to go belly up, and aig, considered too big to let fail, is on life support, thanks to a $123 billion investment by u.s. taxpayers. >> it's legalized gambling. >> it's legalized gambling. it was illegal gambling. and we made it legal gambling. >> with no regulatory controls. >> with absolutely no regulatory controls. zero, as far as i can tell. >> i mean, it sounds a little like a bookie operation. >> yes, and it used to be illegal. it was very illegal 100 years ago. >> in the early part of the 20th century, the streets of new york and other large cities were lined with gaming establishments called bucket shops, where people could place wagers on whether the price of stocks would go up or down without actually buying them. this unfettered speculation contributed to the panic and stock market crash of 1907, and state laws all over the country were enacted to ban them. >> big headlines, huge type. this is the
-year anniversary of the failure of bear stearns we must not lose sight of why we pass wall street reform. congress enacted the law into the wake of the more severe financial crisis in the lifetime of most americans. i asked the gao to study the question of how costly it was to better understand the impact the crisis had on the nation. in a roort releaeport released which i enter in the record the gao concluded while the precise cost of the crisis is difficult to calculate the total damage to the economy may be as high as $13 trillion. i say again $13 trillion. with a "t" dollars. as they urge you to consider the benefits of continuing to implement wall street reform. i would like to make one final comme comment. since he was appointed as head of the cfpb last year director cadre and the cfpb have worked tirelessly to finalize many rules and policies to protect consumers in areas such as mortgages, student lending, service member rights, and credit cards. he has done good work and i urge my colleagues to confirm him to a full term without delay and allow the cfpb to continue its important work prot
easier after the financial crisis with some of the casualties we have seen with bear stearns and lehman and the like, a lot of guys that work 80 our weeks so disappear, pretty much over night and starting to realize there's more than money and quality of life as coming and at the end of the day in florida where we don't pay state income taxes, no city taxes and easy commute to work and life style that is hard to beat. cheryl: look at this around here, that has got to be pretty good. the business climate, there is an index, the tax climate index 2013 new york is last, florida number 5. obviously the cost of doing business overall is better for you. has been for 25 years. >> there's a lot happening in florida other than the financial service industry that governor bush started, getting scripts research institute to florida, putting a lot of jobs for biotechnology developments. trade to latin america increasing rapidly, creating a lot of opportunities for young professionals. cheryl: i got to tell you certainly sitting here with somebody who was in europe and still pay them but a lot less.
is investigating jpmorgan over bear stearns mortgage product. they're looking into whether bear stearns altered due diligence information. you crossed them. that third parties provided about the quality of mortgage loans packaged into securities and jpmorgan has pushed back against various government suits seeking to hold the bank accountable for bear's related misconduct. we've seen that. we've seen the -- we've seen seen important government officials and regulators talk about bank of america and what they did and moynahan. and they're talking about countrywide and same thing sort of with behr. >> but it was companies that were taking over that when you take someone over, you take over all the bad rep. >> a lot of these deals were made in the very quick stages late in the night. they wanted deals done before the market opened overseas. >> you are high and tight with that, too. that is marine like. >> you got a haircut, too. >> yeah, but you -- but you look very clean cut. it's a good look for you. because you can pull it off. i kind of need to distract people with my hair so they don't look at th
reserve system of the united states and a former chief economist at bear stearns and an employee at the office of management and budget. he was a chief economist there. this is what he said on the radio not too long ago. i guess this was written by jeff poor, reporter for "the daily caller." i just quoted mr. cudlow. he explained why president obama's nomination of jack lew as timothy geithner's replacement to head the treasury department was a -- quote -- "nutty appointment." if you keep up with business issues and stuff, you'll see mr. cudlow on the tv regularly, and he, like a lot of our commentators, enjoys stirring the pot sometimes, but as i said, he was a chief economist at bear stearns and at the office of management and budget and an economist at the federal reserve. he knows a great deal about the economy. he called this a nutty appointment. mr. cudlow pointed out, pointed to lew as the problem as why we don't have a budget. he said he is part of the problem. he cited lew's lack of qualifications as another reason that president obama's appointment was -- quote -- "comp
a year, lehmann brothers and bear stearns had failed. housing prices went off a cliff. and the unemployment rate went from 4.7% to 10% before falling back to 1now. >> 80% of the people we saw had been out of work for three months up to two years. >> reporter: julie onberg has been out of work for 16 months. >> my last job was front desk at a pain management company, and just -- i actually got sick. and couldn't be there any longer. >> reporter: nationwide, 12 million americans are still out of work. >> 7.9% unemployment, simply not good enough. wages don't rise, older folks don't see enough stock market gains to retire, not enough jobs for young people leaving school. >> reporter: the jobs picture slowly improving, a different story on wall street. after bottoming out four years ago, the dow has since climbed 111%. cnn has seen a mood shift on wall street. the economy is slowly improving, not fast enough for a lot of people. unemployment too high. some key economic indicators are getting better. what's going right? manufacturing and construction activity picked up. the
, upgrade the old system. and bear stearns said we don't think this is a good idea. >> there's been a lot of testimony about that, in front of congress in terms of that rating industry. they didn't want to necessarily spend the money to add in all of the mortgages that they would have needed in the data base to get a much better read on what was really still a new product, which was, of course, this new afford ability product, subprime, that made up so much of the cbos. interesting, the code name for this was alkamay. >> that helps the jury. >> whether or not it was fraud, i think still remains to be seen. >> we were talking, it's a lower standard. >> is this a lower standard under what they're charging -- >> at the same time, you know, if you get a fraud, it sticks. there will be pension plans that say, listen, i'm not going to subscribe to the s&p because they committed fraud. a lot on the line here. the first amendment does not trump the act. >> no, it does not. we want to get to bob. time warner shares trumping disney. buybacks, an important part of so much of the interplay in media t
we're getting weaker? >> first and foremost this poll was done, five years ago, bear stearns had yet to collapse. that was march of 2008. lehman brothers, which tanked the economy long lasko lapsed in september. the economy five years ago was hopping along fairly well. the collapse was yet to come. i feel much better, i felt much better five years ago certainly than i do today. everything was yet to come. 2008 hadn't unfolded in all the horror yet so it makes sense. to mary katherine's point, they are exhausted. this malaise with people in washington in general. alisyn: you make a great point, that you know, we lived through a lot in these past five years but this next part of the poll shows that optimism is also really down about the future, not just what we weathered but about the future. 40% think the worst is over now. whereas 52% think that the worst is yet to come. your thoughts, mary katherine? >> well, this is an interesting point. she's right, but yes, the collapse, the big collapse had not at that point. you could argue we're stronger than we were right after that point. if
.h.a. that they are overleveraged right now at 400-1 which makes bear stearns and others pale in comparison. have you examined the f.h.a.'s report and the budgetary implications in your budgetary projections? >> first, as you know, when you refer to a government bailout, there is no explicit action by the congress, but it's the case that people don't pay back their mortgages and f.h.a. is on the hook. >> they have a line of credit due to the treasury and have to come to congress but congress can give them the money. did you take that into consideration? >> i would say, as you know again, but explain to others, there are a few years of f.h.a. lending that has turned out particularly poorly in terms of the delinquency and default rates and have not done a separate projection of what the draw on what the treasury might be if there is a change -- it would turn up as a credit re- estimate in the budget but don't have a specific projection that i'm aware of -- >> is that something that you could do and take a look at? >> i think we could take a closer look at. we have to talk more specifically and i don't know if that's
, which makes bear stearns, lehman brothers, and the others pale in comparison. have you examined the report and the budgetary implications in your projections? >> let me say two things quickly. first, as you know, when you refer to a government bailout, there is no explicit action by the congress. it is simply the case that people do not pay back their mortgages, and when the fha is on the hook, taxpayers would have to pay that back. the second thing i would say is that as you know again, there's a few years of fha lending that has turned out particularly poorly in terms of delinquency and default rates. we have not done a separate projection of what a draw on the treasury might ultimately be. if there is a change, it would turn up as a credit we estimate in the budget, but we do not have a specific projection that i'm aware of -- it would turn up as a credit reestimate. we could take a closer look at it. i do not know that that is data we could get, but we could try. >> that would be very helpful to us as well. last question is with regard to medicare -- as you well know, there
. within a year, lehman brothers and bear stearns had fired, housing prices went off a cliff, the unemployment rate went from 4.7% to 10% before falling back to 7.9% now. in portland, oregon, this week, more than 900 people applied for 160 new jobs at two hardware stores. >> 80% of the people we saw had been out of work from three months up to two years. >> reporter: julie ober has been out of work for 16 months. >> my last job was front desk at a pain management company. and just -- i actually got sick and couldn't be there any longer. >> reporter: nationwide, some 12 million americans are still out of work. >> 7.9% unemployment, simply not good enough. with that, wages don't rise. older folks don't see enough stock market gains to retire. there's not enough new jobs for young people leaving school. >> reporter: while the jobs picture has been slowly improving, it's been a different story on wall street. after bottoming out four years ago, the dow has since climbed 111%. cnbc's bob pisani has seen a mood shift in wall street. >> the economy is slowly improving. it's not fast
after the bear stearns collapse, so let's assume that you started buying bank stocks, you know, in april of 2008. way before the financial collapse and you bought them at the same amount of money every week for the last four, four and a half years. you actually made money in virtually every major bank in the united states. you beat the market if you bought u.s. bank or you beat the market if you bought state street. you almost beat the market if you bought jpmorgan and wells fargo. >> hold it right there -- >>> i thought it was interesting, this is barry knapp, you mentioned 1959 as your starting point for a long duration of positive bank earnings. >> right. >> before you got to 1959, though, you had 15 years where bank rfrkt o.e. was cooped at 15%. a huge percentage of bank assets in government securities after world war ii. that's the way financial repression was implemented when the world was monetizing world war ii debt and bank relative performance through the fifty was was terrible. the worst performing group by a long shot. in the '60s things started to loosen up a little bit and
jer, shearson lay mon brothers, bear stearns, they have come out of the investing. you saw barclays laying off thousands of people. because of what's happened as a result of and cause an effect what happened in 2008, the investment banks are continuing to shrink, therefore much like the airlines out of necessity because what they had to do to run their business, the same parallels are there today and you are seeing returning on investment capital and equity not going to get back to 2008 massively leveraged roes but you're getting bounce back in roes like airline industry. the lesson is very simple. are you will see higher returns on investment capital when capacity comes out whether you have good management or nemedioe management teams because it will happen as a result of simple p & l and how the simple cash flow statement works, something i thought about, not peanuts, when you look at how these companies are gone forever. >> you and i could start an airline on our own, get a plane out of the desert and like opened a boutique with less difficulty not too long ago. >> great analogy.
. they are at a leverage ratio 400 to one, which makes bear stearns, lehman brothers pale in comparison. have you examined the fha's report and budgetary implications quite >> two things congressmen quickly. as you know, you refer to a government they allow. there's no explicit action required that people don't pay back mortgages. sh is on the hunt suffer losses. >> they have a line of credit to give money -- did you take that into consideration? >> as you know, there's a few years of fha lending that has turned out particularly poorly in terms of delinquent be in default rates. we have not done a separate projection of what the draw on the treasury might be if there's a change as the credit we estimate. but we don't have a specific projection unaware as. >> is that something you could do and take a look at? >> we could take a look at it purely to talk more specifically. i don't know about the data, but we could try. >> it would be help whole to us. last question with regard to medicare, as you well know, there's a line place that says when cost exceeds revenues by 45%, something has to happen, rate? the
Search Results 0 to 35 of about 36 (some duplicates have been removed)

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